Life Insurance

Life Insurance: The Holiday Gift that Keeps Giving

December 16, 2021

When you gather around the family tree this Christmas, you wish moments like these will last forever. The holidays are a time to savor the love and joy of your family. No one wants to think about a Christmas where one of your loved ones will no longer be able to attend.

But that day will come, and that’s why giving the gift of life insurance can be the best gift your loved ones never thought to put on their wish list.

Here are four reasons to give life insurance as a gift this holiday season:

1. Life Insurance Takes Away the Worry

For many Virginians, life insurance is one of those things that you always meant to get but never made the time for it. But by the same token, maybe you also haven’t made the time to create a backup plan or save money for expenses if you or a loved one were to pass away.

A lot of worry comes when a family member dies, especially if that person provided financial support. The median funeral cost across the U.S. is around $7,640, and the costs are only growing. What’s more, nearly 3 in 4 Americans are likely to die with debt, leaving loved ones to pay off creditors.

Life insurance can take away much of this financial burden and fear for the future. Families will know their loved ones won’t struggle with debts and expenses if they were to pass away. It creates peace of mind you may not have known you needed.

2. Life Insurance Provides Protection at Any Age

It’s usually not until later in life that adults start thinking about life insurance. But you should realize that anyone of any age can benefit from it. Life insurance policies are available for children, teens, adults, and seniors alike, and having a policy for each person in the family ensures your loved ones are protected.

Grandparents often give a gift of life insurance to their grandchildren to help them get a good start in life. From infancy through high school, we’re seeing an uptick in life insurance policies for healthy children as life gets more expensive. Children carry this protection with them as they grow up and benefit from locking in low rates. This may help them to receive additional life insurance when they get older, as well as provide cash savings they can use for a car, down payment on a home, or other expenses.

And when they reach adulthood, you can transfer the policy to their name and let them take over. It’s a gift that keeps giving, and one that children will grow to appreciate as they get older.

3. Life Insurance Provides Guaranteed Protection

Many adults struggle with life insurance because they feel they can’t qualify for coverage. But that’s why buying life insurance for someone else is so beneficial. It’s guaranteed coverage with no medical exams, no medical questions, and no embarrassment of rejection.

Purchasing a life insurance policy for a family member, especially children, ensures your loved one is protected no matter what. What’s more, you may also be able to purchase a Guaranteed Purchase rider, which allows the policyholder to purchase additional life insurance policies regardless of the person’s medical condition. This means that if your loved one were to have a health problem arise, this could not bar them from purchasing additional life insurance.

4. Life Insurance Can Be Used for Many Scenarios

What’s more, life insurance doesn’t just provide death benefits. Many life insurance policies build cash value over time, and you can “cash in” your policy for financial support if you need it while you’re living.

For example, if retirement is a dream of yours, you can use your life insurance policy to build value and use that money to help fund your retirement. This is a great strategy to start early in life, as this gives you more time to grow your assets.

Likewise, life insurance isn’t just useful in paying for funeral costs and debts. Many families rely on life insurance to help make life happen for beneficiaries. For example, your family might use your life insurance money to pay for your children’s college tuition. If you were to pass away while your children are still in school, a life insurance policy ensures they can continue their education without your salary.

How to Buy Life Insurance as a Gift

Anyone can buy a life insurance policy for anyone, but there are a few things to know about the process.

First and foremost, the policy purchaser (you) would be required to maintain the premiums until you can transfer the policy to the covered individual. For example, if you are buying life insurance for your infant granddaughter, you will need to pay the premiums until she reaches age 18, and then transfer the policy to her.

Also, you will need a few personal details of the person you wish you insure. These include the person’s legal name, social security number, date of birth, address, and their relationship to you. We also suggest getting their consent (or their parent’s consent) to purchase a policy on their behalf.

Plan for the Unexpected with Shriner Insurance

Life is full of unexpected twists and turns, and there’s no easy way to mentally or physically prepare for dire moments. But you can stay financially prepared for life’s events with a guaranteed life insurance policy. It’s a gift that might not be on your wish list or look pretty wrapped under the tree. But it’s one that will be appreciated for years to come.

We hope this holiday season with you and your loved ones is merry, bright, and full of beautiful memories. To purchase life insurance as a gift, contact us today.

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